Yousuf Mohamed Al Jaida (second left), CEO of QFC Authority; Ignacio Escobar (second right), Spanish Ambassador to Qatar; Sheikha Alanoud bint Hamad Al Thani (left), Managing Director of Business Development, QFC Authority; and Miguel Angel Fajardo, Comme
DOHA: The Qatar Financial Centre (QFC), one of the world’s leading and fastest-growing onshore business and financial centres, hosted a workshop on bilateral investments and investment opportunities in Qatar and Spain titled, Qatar-Spain: Growing Business Ties.
The workshop comes after the recent signing of an agreement between Qatar and Spain to avoid double taxation and prevent income tax evasion. The agreement also allows a broad tax information exchange, including bank account information, between Qatar and Spain.
Representatives of several Qatari companies investing in Spain and Spanish companies in Qatar attended, where they heard the benefits of the new agreement, as well as the latest updates from QFC.
Speakers at the workshop included Yousuf Mohamed Al Jaida, Chief Executive Officer, QFC Authority; Ignacio Escobar, Ambassador of Spain to Qatar; and Sheikha Alanoud bint Hamad Al Thani, Managing Director, Business Development, QFC Authority, along with other prominent members from both business communities.
Opening the event, Al Jaida, spoke on the growing importance of bilateral relations between the two countries stating: “Today’s event comes following the recent announcement that the State of Qatar and Kingdom of Spain signed an agreement to avoid double taxation and prevent tax evasion in relation to taxes on income. This step highlights the growing importance of bilateral relations between the two countries. In 2017, bilateral trade between Qatar and Spain increased 37 percent to more than €1bn compared with previous year. All of these figures signify that there is no better time for companies looking to expand to Qatar from Spain to join the QFC platform.”
During his speech Ignacio Escobar stated: “Investing in Spain is definitely a wise decision, for several reasons: it’s an attractive and open economy ranking 14th world economy and 5th in the European Union. It’s an open economy with many destination markets and a particular link to Latin America; Spain boasts state-of-the-art infrastructures and logistic networks; it has a competitive business environment with a modern, clear and transparent regulatory and institutional framework; and an extensive and comprehensive system of aid and incentives developed by the government, with a special emphasis on research, development and technological innovation (R&D&I).”
“At the same time, the recent changes in the Qatari foreign investment legislation and the incentives offered by the Government make this country even more attractive to establish in. The current negotiation of an agreement on promotion and reciprocal protection of investments will further develop our common potential.”
Speaking at the conference, Sheikha Alanoud bint Hamad Al Thani, Managing Director, Business Development, QFC Authority said: “The recent agreement on taxation adds to the already strong economic bonds between
Qatar and Spain, leading to increased investment opportunities for both countries. This workshop underscores the growing importance of the QFC structures for thoselooking to take advantage of those opportunities and use QFC as a hub for regional investments and business operations.”
QFC, as one of the leading financial and business centres in the region, is positioning its suite of financial sector products, especially holding companies and special purpose companies, for use by both Qatari and Spanish individuals and corporations for investment in either Qatar or Spain.
